Thursday, September 03, 2020
Wolfstreet comes through as usual
Wolfstreet is an immensely valuable source of REAL news. He always tries to break through the media myths from "both" "sides". Today he asked landlords to share their experiences with the holocaust, especially the various government "laws" on forbearance and such.
The overall picture is similar to Wolf's analysis of other issues. Apartments and homes are much more constant than the media myth. Good landlords and good tenants are still good. Bad landlords and bad tenants are still bad. There are two real variables: Commercial real estate is genuinely suffering from the lockdowns and murder masks; and the university bait and switch is going to bankrupt lots of parents.
From one comment:
In my town in northern California, CSU announced freshman have to return home a week after classes start. Of approximately 16,000 students, 10,000 came back to study as they were told 10% of classes/labs would be “real”. About a week into classes University announced 100% online and dorms would have to be vacated by end of week (affecting only ~ 750 students). So bottom line, University gave students the ole bait and switch and enabled local landlords to get about 3-4,000 leases signed by students w cosigning parents before saying sayonara to said pupils. (Not nice)I hadn't thought about the secondary effects of this swindle. Obviously somebody has. University admins know what they're doing. Are they planning to buy up the rentals after the foreclosure and sell them to Blackrock at a profit? Is this similar to the LBO arrangements where a business gets shut down and disemploys thousands of workers so JPMorgan can steal the real estate for free? ¶ 8:20 AM
